The accounting entries used to record a cheque issued by a business is to?

• A. debit cash book and credit drawer
• B. credit cash book and debit drawer
• C. debit cash book and credit suspense account
• D. credit cash book and debit suspense account

N Bank account 59,410, Capital account 50,000, Purchase account 20,000, Rent 2,500, Stationery 90, typewriter 6,500, Sales 38,000 In preparing a trial from the list of balances given above, what is the total in debit and credit columns?

• A. N147,910
• B. N138,500
• C. N88,500
• D. N85,800

Use the information below to answer the question that follows,

A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000. The yearly depreciation using the straight line method would be?

• A. N5,200
• B. N6,500
• C. N8,800
• D. N4,400

Carriage inwards on raw materials is recorded in the

• A. balance sheet
• B. profit and loss account
• C. trading account
• D. manufacturing account

Given:

₦

Bank overdraft 2,000

Cash 2,000

Furniture 4,000

Derive the total amount on the credit side of the trial balance

• A. ₦4000
• B. ₦6000
• C. ₦2000
• D. ₦8000

Why will the capital of a business change?

• A) when wages are paid by cash
• B) when raw materials are purchased on credit
• C) non-current assets are purchased on credit
• D) when a supplier is paid by cheque

Departmentalization of accounts is useful because it shows the?

• A. overall performance of a firm
• B. price per unit of a product
• C. cost per unit of a product
• D. overall performance of a division

If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?

• A. N2,241
• B. N2,214
• C. N2,141
• D. N2,114

Which of the following is charged to trading account?

• A. rent
• B. discount allowed
• C. carriage inwards
• D. carriage outwards

Money spent on buying of plots of land by a firm is

• A) Capital Expenditure
• B) Capital receipts
• C) Revenue Expenditure
• D) Revenue Receipts